A 2018 study from the Chief Marketing Officer (CMO) Council and Deloitte, surveying close to 200 chief marketers worldwide, revealed that many CMOs are still focused on the traditional storytelling aspect of their position and are less comfortable with aspects associated with driving growth, including acting as revenue science practitioners and customer experience architects. Only 20 percent of respondents view themselves as a market explorer that identifies and maps new routes to revenue. Troubling, but not surprising, is that just 7 percent say they are the data guru that understands the voice and expectations of the customer.
Maybe this is part of the reason why: Forbes Insights found that only three in 10 marketing executives think analytics is delivering a significant shift in customer experience capabilities today; but 42 percent anticipate a shift up in the next few years as analytics efforts mature. There are some serious benefits, however, associated with a data-driven CX including: faster decision-making, better insight into customers with a common view, more confidence in decisions by managers and employees, greater engagement with customers, greater collaboration between departments, and improved reaction time to market changes.
These benefits are noteworthy because they highlight a very real cultural effect from the use of analytics; that is, success begets success. Customer analytics actually works to break down the very organization silos that impede a seamless and positive end-to-end experience. Better decisions, delivered faster and with more confidence is the analytical nirvana, isn’t it, asked Lisa Loftis, Best Practices Consultant at SAS.